The central bank of Thailand is introducing stricter regulations targeting large cash transactions and stablecoin operations to prevent illicit financial activities. Starting from the fourth quarter of 2026, individuals making cash deposits exceeding 5 million baht (approximately $150,000) will have to disclose the source of funds.

In collaboration with the Securities and Exchange Commission (SEC), the Bank of Thailand is reviewing high-volume Tether (USDT) transactions. This effort aims to uncover potentially suspicious patterns that may obscure the true ownership of the funds. Governor Vitai Ratanakorn emphasized that the initiative involves long-term strategies rather than quick solutions.

Details of the New Cash Regulations

The forthcoming regulations mirror existing controls for cash withdrawals over 5 million baht, which were enacted in April 2026. Following the implementation of these withdrawal restrictions, the quantity of high-value cash withdrawals decreased by 35%. The transparency measures for deposits are intended to bridge the gap between incoming and outgoing cash transactions.

Additionally, banks are now required to monitor significant exchanges of large banknotes for smaller denominations without clear business justification.

Broader Scope of Enforcement

This initiative extends beyond stablecoins. The central bank will also scrutinize gold transactions, particularly those involving same-day online purchases followed by immediate cash withdrawals. After the introduction of tighter regulations, monthly physical gold withdrawals plummeted from approximately 4,000 kilograms to 700 kilograms.

Other areas under examination include accounts associated with online gambling and those suspected of being mule accounts, which facilitate the movement of funds derived from illicit activities. Despite the increased scrutiny, the SEC has not banned USDT; instead, it included both Tether and USDC in its list of approved cryptocurrencies in March 2025, allowing licensed exchanges to continue using them as trading pairs.

This article is for informational purposes only and does not constitute financial advice.